557 employees reported this benefit
Lockheed Martin provides a 401(k) Savings Plan.
This information about the 401K Plan benefit at Lockheed Martin is the result of research by Glassdoor editorial staff, and was not provided directly by a representative of Lockheed Martin. The description here may not reflect the current Lockheed Martin 401K Plan benefit.
Overall a fairly solid plan. The 401(k) plan is managed by Voya and has a handful of very good fund options such as passively-managed, low-cost index funds. There are also a larger number of rather high-fee funds that should be avoided. The big disappointment is that the Target Date Retirement Funds are excessively expensive (0.7% expense ratios) and the fund managers have no intention of reducing those fees despite requests to do so.
Ok compared with other companies. Match is good at 4% if you contribute 8% or over. Choices of investment are ok through Voya with self managed option through Ameritrade.
LM matches your contribution 50% upnto a certain amount. This is a good benefit
10% 401k is well above market standard
For me as a 30 year employee, the company matches .50 on the dollar up to 8%. For newer employees that don't have a pension, I think it could be higher
Company Match is exceptional, to make up for pensions disappearing
Industry standard. $0.50/dollar matched up to 8%
Decent company match and wide selection of investment options.
decent 401k plan 50% up to 8% of your annual salary
The vest part is they contribute 10% toward your 401k. I don't have any complaints about they 401k tool.